SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
                                   (Mark One)

     [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended   March 31, 2001

                                       OR

     [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from                 to
                                --------------   ------------------

                        Commission file number: 333-59109

                                ABLE ENERGY, INC.
             (Exact name of registrant as specified in its charter)

<TABLE>
<CAPTION>
<S>                                             <C>
         Delaware                                  22-3520840
(State or other jurisdiction of                 (I.R.S. employer
incorporation or organization)                  identification No.)
</TABLE>

                               198 Green Pond Road
                               Rockaway, NJ 07866
              (Address of principal executive offices) (Zip code)

       Registrant's telephone number, including area code: (973) 625-1012


                                 Not Applicable
              (Former name, former address and former fiscal year,
                         if changed since last report)


         Indicate by check X whether registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]

         As of May 8, 2001, 2,000,000 shares, $.001 Par value per share, of Able
Energy, Inc. were issued and outstanding.
<PAGE>

PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS (UNAUDITED)
<TABLE>
<CAPTION>

                                                                                                          PAGE
<S>                                                                                                        <C>
         Accountants' Report                                                                               3

         Consolidated Balance Sheets as of December 31, 2000 and
            March 31, 2001                                                                               4 - 5

         Consolidated Statements of Income for the three
            months ended March 31, 2001 and March 31, 2000                                                 6

         Consolidated Statement of Stockholders' Equity three months
            ended March 31, 2001                                                                           7

         Consolidated Statements of Cash Flows for the three months
            ended March 31, 2001 and 2000                                                                  8

         Notes to Unaudited Financial Statements                                                         9 - 21

</TABLE>









<PAGE>
To the Board of Directors
Able Energy, Inc.
Rockaway, New Jersey 07866


                         Independent Accountants' Report

We have reviewed the consolidated balance sheet of Able Energy, Inc. and
Subsidiaries as of March 31, 2001, and the related consolidated statements of
income and cash flows for the three month periods ended March 31, 2001 and 2000
and the consolidated statement of stockholders' equity for the three months
ended March 31, 2001. These financial statements are the responsibility of the
Company's management.

We conducted our review in accordance with the standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists primarily of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should
be made to the condensed consolidated financial statements referred to above for
them to be in conformity with generally accepted accounting principles.

We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet as of December 31, 2000, and the
related consolidated statements of income, retained earnings, and cash flows for
the year then ended (not presented herein); and in our report dated March 15,
2001, we expressed an unqualified opinion on those consolidated financial
statements. In our opinion, the information set forth in the accompanying
condensed consolidated balance sheet as of December 31, 2000, is fairly stated,
in all material respects, in relation to the consolidated balance sheet from
which it has been derived.


Simontacchi & Company, LLP
Rockaway, New Jersey
May 8, 2001



                                        3

<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEET


                                     ASSETS
<TABLE>
<CAPTION>

                                                                                         March 31, 2001        December 31,
                                                                                           (Unaudited)             2000
                                                                                                                  Audited

Current Assets:
<S>                                                                                               <C>                 <C>
    Cash                                                                                          $ 40,165            $ 117,487
    Restricted Cash                                                                                490,000              490,000
    Accounts Receivable (Less Allowance for Doubtful
       Accounts of ($147,557) at both 2000 and 2001                                              2,195,715            3,112,542
    Inventory                                                                                      463,804            1,509,075
    Notes Receivable - Current Portion                                                              22,124               21,334
    Miscellaneous Receivable                                                                        35,138               46,169
    Prepaid Expense                                                                                160,760              142,123
    Prepaid Expense - Income Taxes                                                                 119,951              119,951
    Deferred Income Tax                                                                             45,320               45,320
    Due From Officer                                                                                44,690               44,690
                                                                                                 ---------            ---------
        Total Current Assets                                                                     3,617,667            5,648,691
                                                                                                 ---------            ---------

Property and Equipment:
    Land                                                                                           451,925              451,925
    Building                                                                                     1,120,994            1,120,994
    Trucks                                                                                       2,604,147            2,530,287
    Fuel Tanks                                                                                   1,072,427            1,059,524
    Machinery and Equipment                                                                        422,450              376,548
    Leasehold Improvements                                                                         349,646              309,971
    Cylinders                                                                                      460,058              431,553
    Office Furniture and Equipment                                                                 181,931              175,082
    Website Development Costs                                                                    2,264,141            2,155,835
                                                                                                 ---------            ---------
                                                                                                 8,927,719            8,611,719
    Less: Accumulated Depreciation and Amortization                                              2,066,338            1,802,444
                                                                                                 ---------            ---------
        Net Property and Equipment                                                               6,861,381            6,809,275
                                                                                                 ---------            ---------

Other Assets:
    Deposits                                                                                        97,098              111,248
    Notes Receivable - Less Current Portion                                                        235,927              249,810
    Customer List, Less Amortization of ($167,097) 2000 and
       ($177,610) 2001                                                                             433,240              443,753
    Covenant Not to Compete, Less Amortization of ($181,836)
       2000 and ($196,015) 2001                                                                     87,552              101,731
                                                                                                 ---------            ---------
        Total Other Assets                                                                         853,817              906,542
                                                                                                 ---------            ---------

        Total Assets                                                                           $11,332,865          $13,364,508
                                                                                               ===========          ===========

</TABLE>
                             See Accompanying Notes
                                        4
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

                       CONSOLIDATED BALANCE SHEET (Cont'd)

                       LIABILITIES & STOCKHOLDERS' EQUITY


<TABLE>
<CAPTION>

                                                                                       March 31,              December 31,
                                                                                         2001                     2000
                                                                                      (Unaudited)              (Audited)

Current Liabilities:
<S>                                                                                    <C>                        <C>
    Accounts Payable                                                                   $ 1,962,181                $ 2,887,258
    Note Payable - Bank                                                                    710,785                    653,790
    Current Portion of Long-Term Debt                                                      552,588                    662,386
    Accrued Expenses                                                                       409,434                    481,846
    Taxes Payable                                                                                -                      3,034
    Customer Advance Payments                                                              147,835                  1,239,509
    Escrow Deposits                                                                          5,000                      5,000
                                                                                         ---------                  ---------
        Total Current Liabilities                                                        3,787,823                  5,932,823

Deferred Income: Less current portion                                                       79,679                     88,857
Deferred Income Taxes                                                                       59,001                     59,001
Long Term Debt: Less current portion                                                     1,745,520                  1,799,672
                                                                                         ---------                  ---------
        Total Liabilities                                                                5,672,023                  7,880,353
                                                                                         ---------                  ---------

Stockholders' Equity:
    Common Stock
    Authorized 10,000,000 Par Value $.001 per share Issued
      and Outstanding 2,000,000 Shares                                                       2,000                      2,000
    Paid in Surplus                                                                      5,662,775                  5,662,775
    Retained Earnings (Deficit)                                                            (3,933)                  (180,620)
                                                                                         ---------                  ---------
        Total Stockholders' Equity                                                       5,660,842                  5,484,155
                                                                                         ---------                  ---------

        Total Liabilities and Stockholders' Equity                                     $11,332,865                $13,364,508
                                                                                       ===========                ===========
</TABLE>


                             See Accompanying Notes
                                        5
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES
                        CONSOLIDATED STATEMENT OF INCOME

                                   (UNAUDITED)
<TABLE>
<CAPTION>



                                                                                          THREE MONTHS ENDED MARCH 31,
                                                                                                   UNAUDITED



                                                                                        2001                    2000
                                                                                        ----                    ----

<S>                                                                                    <C>                     <C>
Net Sales                                                                              $12,638,261             $11,115,203

Cost of Sales                                                                           10,473,002               9,037,314
                                                                                       -----------             -----------

   Gross Profit                                                                          2,165,259               2,077,889
                                                                                       -----------             -----------

Expenses
   Selling, General and Administrative Expenses                                          1,694,552                 884,235
   Depreciation and Amortization Expense                                                   288,585                 169,689
                                                                                       -----------             -----------
      Total Expenses                                                                     1,983,137               1,053,924
                                                                                       -----------             -----------

   Income From Operations                                                                  182,122               1,023,965
                                                                                       -----------             -----------

Other Income (Expenses):
   Interest Income                                                                          50,769                  33,526
   Miscellaneous Income                                                                     13,842                   9,549
   Interest Expense                                                                       (70,046)                (50,219)
                                                                                       -----------             -----------
      Total Other Income (Expenses)                                                        (5,435)                 (7,144)
                                                                                       -----------             -----------

   Income Before Provision for Income Taxes                                                176,687               1,016,821

Provision for Income Taxes                                                                       0                 305,600
                                                                                       -----------             -----------

   Net Income                                                                            $ 176,687               $ 711,221
                                                                                       ===========             ===========

Basic Earnings per Common Share                                                           $   .088                $    .40
                                                                                       ===========             ===========

Diluted Earnings per Common Share                                                         $   .087                $   -
                                                                                       ===========             ===========

Weighted Average Number of Common Shares
   Outstanding                                                                           2,000,000               1,778,082
                                                                                       ===========             ===========

Weighted Average number of Common Shares
   Outstanding, Assuming Dilution                                                        2,015,130               1,778,082
                                                                                       ===========             ===========
</TABLE>


                             See Accompanying Notes
                                        6
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

                 CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

                        THREE MONTHS ENDED MARCH 31, 2001

                                   (UNAUDITED)
<TABLE>
<CAPTION>





                                         Common Stock
                                       .001 Par Value

                                                                      Additional                             Total
                                                                        Paid-in        Retained          Stockholders'
                                    Shares            Amount            Surplus        Earnings              Equity

<S>               <C>             <C>                 <C>             <C>             <C>                  <C>
Balance - January 1, 2001         2,000,000           $ 2,000         $5,662,775       $(180,620)          $5,484,155

Net Income                                                                               176,687              176,687


Balance - March 31, 2001          2,000,000           $ 2,000         $5,662,775       $  (3,933)          $5,660,842
                                  =========           =======         ==========       ==========          ==========


</TABLE>















                             See Accompanying Notes
                                        7
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF CASH FLOWS

                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                                               THREE MONTHS ENDED MARCH 31,
                                                                                                        UNAUDITED
                                                                                               2001                     2000
                                                                                               ----                     ----

Cash Flows From Operating Activities
<S>                                                                                           <C>                    <C>
   Net Income                                                                                 $ 176,687              $ 711,221
   Adjustments to Reconcile Net Income to Cash
   used by Operating Activities:
      Depreciation and Amortization                                                             288,585                169,689
     (Increase) Decrease in:
         Accounts Receivable                                                                    916,827              (875,867)
         Inventory                                                                            1,045,272               (66,232)
         Prepaid Expenses                                                                      (18,637)               (32,512)
         Prepaid Income Taxes                                                                         -                119,951
         Deposits                                                                                14,150                 61,315
      Increase (Decrease) in:
         Accounts Payable                                                                     (925,077)              (196,025)
         Accrued Expenses                                                                      (72,412)                 47,338
         Other Taxes Payable                                                                    (3,034)                      -
         Customer Advance Payments                                                          (1,091,674)              (140,656)
         Income Taxes Payable                                                                         -                183,649
         Deferred Income Taxes                                                                        -                  2,000
         Deferred Income                                                                        (9,178)                (6,451)
                                                                                            -----------             ----------
           Net Cash Provided (Used) by Operating Activities                                     321,509               (22,580)
                                                                                            -----------             ----------

Cash Flows From Investing Activities
   Website Development Costs                                                                  (108,306)                      -
   Purchase of Property and Equipment                                                         (207,694)              (151,656)
   Decrease Note Receivable - Sale of Equipment                                                  13,093                      -
   Increase in Other Receivables                                                                 11,031                (2,918)
                                                                                            -----------             ----------
           Net Cash Used  By Investing Activities                                             (291,876)              (154,574)
                                                                                            -----------             ----------

Cash Flows From Financing Activities
   Increase (Decrease) in Notes Payable                                                          56,995              (133,289)
   Decrease in Notes Payable                                                                  (237,810)              (163,779)
   Increase in Notes Payable                                                                     73,860                  -
                                                                                            -----------             ----------
           Net Cash Used  By Financing Activities                                             (106,955)              (297,068)
                                                                                            -----------             ----------

Net (Decrease) In Cash                                                                         (77,322)              (474,222)
Cash - Beginning of Period                                                                      607,487              2,926,412
                                                                                            -----------             ----------
Cash - End of Period                                                                          $ 530,165             $2,452,190
                                                                                            ===========             ==========

The Company had Interest Cash Expenditures of:                                                 $ 64,296               $ 50,219
The Company had Income Tax Cash Expenditures of:                                               $  3,125               $     -
</TABLE>



                             See Accompanying Notes
                                        8
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

               NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT

                      DECEMBER 31, 2000 AND MARCH 31, 2001




Note 1         Basis of Presentation

                  Able Energy, Inc. was incorporated in the state of Delaware on
                  March 13, 1997. Mr. Timothy Harrington exchanged his stock
                  in the following companies: Able Oil Company (a New Jersey
                  corporation), Able Oil Company Montgomery, Inc. (a
                  Pennsylvania corporation), A & O Environmental Services,
                  Inc. (a New Jersey corporation), Able Oil Melbourne, Inc. (a
                  Florida corporation) and his 99% interest in Able Propane,
                  LLC for 1,000 shares of Able Energy, Inc. and became its
                  sole shareholder. In December 1998, the Company sold A & O
                  Environmental Services, Inc. and Able Oil Company
                  Montgomery, Inc.

                  On August 27, 1999, the Company, through a newly formed wholly
                  owned subsidiary, Able Energy - New York, Inc., purchased the
                  assets of B & B Fuels of Warrensburg, New York. This
                  acquisition was treated as a purchase.

                  On August 31, 1999, the Company, through a newly formed wholly
                  owned subsidiary, Able Energy Terminal, LLC, purchased the
                  facility on Route 46, Rockaway, NJ. The facility has two
                  tenants.

                  The Company is the majority owner owning 70.6% of the issued
                  shares of a subsidiary, PriceEnergy.Com, Inc. in which their
                  capital investment is $25,000. The subsidiary has established
                  a Web Site for the sale of energy products through a network
                  of suppliers originally on the East Coast of the United
                  States. The Web Site became active in October 2000 (See Notes
                  2, 8 and 12).

                  The consolidated interim financial statements included herein
                  have been prepared by the Company, without audit, pursuant to
                  the rules and regulations of the Securities and Exchange
                  Commission. Certain information and footnote disclosures
                  normally included in financial statements prepared in
                  accordance with generally accepted accounting principles have
                  been condensed or omitted pursuant to such rules and
                  regulations, although the Company believes that the
                  disclosures are adequate to make the information presented not
                  misleading.

                  These statements reflect all adjustments, consisting of normal
                  recurring adjustments which, in the opinion of management, are
                  necessary for fair presentation of the information contained
                  therein. It is suggested that these consolidated financial
                  statements be read in conjunction with the financial
                  statements and notes thereto included in the Company's annual
                  report for the year ended December 31, 2000. The Company
                  follows the same accounting policies in preparation of interim
                  reports.

                  Results of operations for the interim periods are not
                  indicative of annual results.


                                        9
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (cont'd)

                      DECEMBER 31, 2000 AND MARCH 31, 2001


Note 2         Summary of Significant Accounting Policies

                  Nature of Operations
                  Able Oil Company, Able Melbourne, Inc.and Able Energy - New
                  York, Inc. are full service oil companies that market and
                  distribute home heating oil, diesel fuel and kerosene to
                  residential and commercial customers operating in Northern New
                  Jersey, Melbourne, Florida, and Warrensburg, New York,
                  respectively. Able Propane, LLC, which was incorporated in
                  July 1996, installs propane tanks, which it owns, and sells
                  propane gas for heating and cooking along with other
                  residential and commercial uses. PriceEnergy.Com, Inc. sells
                  home heating oil, diesel fuel, kerosene and propane via the
                  internet, and is in the process of setting up a network of
                  dealers. The Company will receive as income a fee per gallon
                  on all deliveries.

                  The Company's operations are subject to seasonal fluctuations
                  with a majority of the Company's business occurring in the
                  late fall and winter months. Approximately 70% of the
                  Company's revenues are earned and received from October
                  through March, and the overwhelming majority of such revenues
                  are derived from the sale of home heating oil. However, the
                  seasonality of the Company's business is offset, in part, by
                  the increase in revenues from the sale of diesel and gasoline
                  fuels during the spring and summer months due to the increased
                  use of automobiles and construction apparatus.

                  Principles of Consolidation
                  The consolidated financial statements include the accounts of
                  Able Energy, Inc. and its subsidiaries. The minority interest
                  of 1% in Able Propane, LLC is immaterial and has not been
                  shown separately. All material intercompany balances and
                  transactions were eliminated in consolidation.

                  Minority Interest
                  The minority interest in PriceEnergy.Com, Inc. is a deficit
                  and, in accordance with Accounting Research Bulletin No. 51,
                  subsidiary losses should not be charged against the minority
                  interest to the extent of reducing it to a negative amount. As
                  such, the losses have been charged against the Company, the
                  majority owner. The loss for three months ended March 31, 2001
                  is $288,974, (See Notes 1, 8 and 12).

                  Inventories
                  Inventories are valued at the lower of cost (first in, first
                  out method) or market.

                  Property and Equipment
                  Property and equipment are stated at cost less accumulated
                  depreciation. Depreciation is provided by using the
                  straight-line method based upon the estimated useful lives of
                  the assets (5 to 40 years). Depreciation expense for the three
                  months ended March 31, 2001 and 2000 amounted to $160,887 and
                  $150,994, respectively.


                                       10
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT (Cont'd)

                      DECEMBER 31, 2000 AND MARCH 31, 2001


Note 2         Summary of Significant Accounting Policies (cont'd)

                  Property and Equipment (cont'd)
                  For income tax basis, depreciation is calculated by a
                  combination of the straight-line and modified accelerated cost
                  recovery systems established by the Tax Reform Act of 1986.

                  Expenditures for maintenance and repairs are charged to
                  expense as incurred whereas expenditures for renewals and
                  betterments are capitalized.

                  The cost and related accumulated depreciation of assets sold
                  or otherwise disposed of during the period are removed from
                  the accounts. Any gain or loss is reflected in the year of
                  disposal.

                  Web Site Development Costs
                  Costs of $2,264,141 incurred in the developmental stage for
                  computer hardware and software have been capitalized in
                  accordance with accounting pronouncement SOP98-1. The costs
                  are included in Property and Equipment and are being amortized
                  on a straight line basis on an estimated useful life, 5 years.
                  Operations commenced in October 2000. Amortization for the
                  three months ended March 31, 2001 is $103,007.

                  Intangible Assets
                  Intangibles are stated at cost and amortized as follows:
                  Customer Lists of $571,000 and Covenant Not To Compete of
                  $183,567 related to the Connell's Fuel Oil Company acquisition
                  on October 28, 1996 by Able Oil Company, are being amortized
                  over a straight-line period of 15 and 5 years, respectively.
                  The current period amortization also includes a customer list
                  of $39,850 and Covenant Not To Compete of $100,000 relating to
                  the acquisition from B & B Fuels on August 27, 1999, and is
                  being amortized over a straight-line period of 10 and 5 years,
                  respectively. The amortization for the three months ended
                  March 31, 2001 and 2000 are $24,691 and $18,695, respectively.

                  For income tax basis, the Customer Lists and the Covenant Not
                  To Compete are being amortized over a straight-line method of
                  15 years as per the Tax Reform Act of 1993.

                  Use of Estimates
                  The preparation of financial statements in conformity with
                  generally accepted accounting principles requires management
                  to make estimates and assumptions that affect the amounts
                  reported in the financial statements and accompanying notes.
                  Although these estimates are based on management's knowledge
                  of current events and actions it may undertake in the future,
                  they may ultimately differ from actual results.



                                       11
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT (Cont'd)

                      DECEMBER 31, 2000 AND MARCH 31, 2001


Note 2         Summary of Significant Accounting Policies (cont'd)

                  Income Taxes
                  Effective January 1, 1997, all the subsidiaries, which were
                  S-Corporations, terminated their S-Corporation elections. The
                  subsidiaries are now filing a Federal consolidated tax return
                  with Able Energy, Inc.

                  Effective January 1, 1997, the Company has elected to provide
                  for income taxes based on the provisions of Financial
                  Accounting Standards Board ("FASB") Statement of Financial
                  Accounting Standards ("SFAS") No. 109, "Accounting for Income
                  Taxes", which requires recognition of deferred tax assets and
                  liabilities for the expected future tax consequences of events
                  that have been included in the financial statements and tax
                  returns in different years. Under this method, deferred income
                  tax assets and liabilities are determined based on the
                  difference between the financial statement and tax bases of
                  assets and liabilities using enacted tax rates in effect for
                  the year in which the differences are expected to reverse.

                  Concentrations of Credit Risk
                  The Company performs on-going credit evaluations of its
                  customers' financial conditions and requires no collateral
                  from its customers.

                  Financial instruments which potentially subject the Company to
                  concentrations of credit risk consists of checking and savings
                  accounts with several financial institutions in excess of
                  insured limits. The excess above insured limits is
                  approximately $584,355 as of March 31, 2001. The Company does
                  not anticipate non-performance by the financial institution.

                  Cash
                  For the purpose of the statement of cash flows, cash is
                  defined as balance held in corporate checking accounts and
                  money market accounts.

                  Advertising Expense
                  Advertising costs are expensed at the time the advertisement
                  appears in various publications and other media. The expense
                  was $154,633 for the three months ended March 31, 2001.

Note 3          Notes Receivable

                  The Company has a Note Receivable from Able Montgomery, Inc.
                  and Andrew W. Schmidt related to the sale of Able Montgomery,
                  Inc. to Schmidt, and a truck financed by Able Energy, Inc. No
                  payments of principal or interest have been received for more
                  than one year. A new note was drawn dated June 15, 2000 for
                  $170,000, including the prior balance, plus accrued interest.
                  The Note bears interest at 9.5% per annum and payments
                  commence October 1, 2000. The payments will be monthly in
                  varying amounts each year with a final payment of $55,981.07
                  due September 1, 2010. No payments were received in the year
                  ended December 31, 2000. In February 2001, two (2) payments
                  were received in the amount of $2,691.66, interest only.

                                       12
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT (Cont'd)

                      DECEMBER 31, 2000 AND MARCH 31, 2001


Note 3          Notes Receivable (cont'd)

                  The note is secured by a pledge and security agreement and
                  stock purchase agreement (Stock of Able Montgomery, Inc.),
                  dated December 31, 1998, and the assets of Andrew W. Schmidt
                  with the note dated June 15, 2000. The income on the sale of
                  the company in December 1998 and the accrued interest on the
                  drawing of the new note are shown as deferred income to be
                  realized on collection of the notes. .

                  Maturities of the Note Receivable are as follows:
<TABLE>
<CAPTION>

                           For the Year Ending
                                December 31,                           Principal
                                                                         Amount
<S>                                                                    <C>
                                    2001                               $     970

                                    2002                                   5,378

                                    2003                                   9,876

                                    2004                                  10,856

                                    2005                                  11,933

                                    Balance                              130,987

                                            Total                       $170,000
                                                                        ========
</TABLE>
                  Able Oil Company has three (3) Notes Receivable for the sale
                  of oil delivery trucks to independent drivers who also deliver
                  oil for the Company. The Notes bear interest at the rate of
                  12% per annum. Two notes began December 1998 and one began
                  February 1999. The Notes are payable eight (8) months per year
                  September through April, the oil delivery season.

                  Maturities of these Notes Receivable are as follows:
<TABLE>
<CAPTION>

                           For the Year Ending
                                December 31,                           Principal
                                                                         Amount

<S>                                 <C>                                <C>
                                    2001                               $  20,364

                                    2002                                  21,968

                                    2003                                  23,788

                                    2004                                  18,244

                                    2005                                   7,088

                                    Balance                                9,692
                                                                        --------

                                            Total                       $101,144
                                                                        ========

</TABLE>
                                       13
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT (Cont'd)

                      DECEMBER 31, 2000 AND MARCH 31, 2001

Note 4          Inventories
<TABLE>
<CAPTION>

                              Items                                2001                     2000
                              -----                                ----                     ----
<S>                                                                <C>                      <C>
                              Heating Oil                          $ 231,999                $1,278,146
                              Diesel Fuel                             36,797                    42,869
                              Kerosene                                 7,765                    10,497
                              Propane                                 18,016                     8,100
                              Parts and Supplies                     169,227                   169,463
                                                                    --------                ----------
                                   Total                            $463,804                $1,509,075
                                                                    ========                ==========
</TABLE>

Note 5           Notes Payable Bank
                  The Agreement with Able Oil Company and PNC Bank, dated August
                  11, 1999, was amended July 14, 2000. The amended agreement is
                  as follows:

                  1        The line of credit is increased from $500,000 to
                           $750,000.

                  2.       The current expiration date is June 30, 2001.

                  3.       Security is hereby amended to reduce the required
                           amount of pledged cash collateral from $972,000 to
                           $490,000. This is represented by a first priority
                           lien on collateral consisting of a Provident
                           Institution Money Market Fund.

                  1.       Security is added by a guaranty and suretyship
                           agreement with Able Energy, Inc., Able Propane, LLC,
                           Able Energy Terminal, LLC, Able Oil Melbourne, Inc.
                           and Able Energy New York, Inc. and will
                           unconditionally jointly and severally guarantee
                           payment to the Bank.

                  2.       A security agreement granting the bank a first
                           priority perfected lien on the existing and future
                           personal property of Able Oil Company and the
                           companies listed in item 4 above. Notwithstanding the
                           aforesaid requirement, the named entities may finance
                           the acquisition of equipment with other financial
                           parties by way of true leases or financing leases
                           having an aggregate outstanding balance of $1,000,000
                           at any given time, providing to such third party
                           financiers liens upon the equipment thus financed,
                           which liens shall be superior in priority to the lien
                           of the bank in any such equipment.

                  3.       The agreement calls for the borrower, Able Oil
                           Company, to maintain a minimum debt ratio as defined
                           in the agreement commencing with the fiscal year end
                           2000. Able Oil Company is in compliance with the
                           covenant for the year ended December 31, 2000.

                           The line of credit bears an interest rate of Prime
                           minus one-half (1/2%) with an outstanding balance of
                           $710,785 at March 31, 2001.

                           There is a term loan with PNC Bank which was
                           refinanced for a total of $675,000 on June 12, 1998
                           with a current interest rate of 8.15%. The balance at
                           March 31, 2001 is $56,250 and has three months to
                           maturity.

                                       14
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT (Cont'd)

                      DECEMBER 31, 2000 AND MARCH 31, 2001


Note 6          Long-Term Debt

                  Mortgage note payable dated, August 27, 1999, related to the
                  purchase of B & B Fuels facility and equipment. The total note
                  is $145,000. The note is payable in the monthly amount of
                  principal and interest of $1,721.18 with and interest rate of
                  7.5% per annum. The initial payment was made on September 27,
                  1999, and continues monthly until August 27, 2009 which is the
                  final payment. The note is secured by a mortgage made by Able
                  Energy New York, Inc. on property at 2 and 4 Green Terrace and
                  4 Horicon Avenue, Town of Warrensburg, Warren County, New
                  York. The balance due on this Note at March 31, 2001 was
                  $128,614.

                  Mortgage note payable dated, August 31, 1999, related to the
                  purchase of the facility and equipment in Rockaway, New Jersey
                  by Able Energy Terminal, LLC ("Terminal"). The note is in the
                  amount of $650,000.

                  Pursuant to Section 4.4 of the Agreement of Sale to purchase
                  the Terminal, the Principal Sum of the $650,000 note shall be
                  reduced by an amount equal to one-half of all sums expended by
                  Borrower on the investigation and remediation of the property
                  provided, however, that the amount of said reduction shall not
                  exceed $250,000 (the "Remediation Amount").

                  The "Principal Sum" less the "Remediation Amount" shall be an
                  amount equal to $400,000 (the "Reduced Principal Sum"). The
                  Reduced Principal Sum shall bear interest from the date hereof
                  at the rate of 8.25% per annum. Any portion of the Remediation
                  Amount not utilized in the investigation and remediation of
                  the property shall not begin to accrue interest until such
                  time that (i) a No Further Action Letter" is obtained from the
                  Department of Environmental Protection, and (ii) an
                  outstanding lawsuit concerning the property is resolved
                  through settlement or litigation (subject to no further
                  appeals). All payments on this Note shall be applied first to
                  the payment of interest, with any balance to the payment and
                  reduction of the Reduced Principal Sum.

                  Interest shall be due and payable commencing on September 30,
                  1999 on the Reduced Principal Sum of the note on the last day
                  of each month up to and including July 31, 2004.

                  The Note is collateralized by the property and equipment
                  purchased and assignment of the leases. The balance due on
                  this Note at March 31, 2001 was $650,000.




                                       15
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT (Cont'd)

                      DECEMBER 31, 2000 AND MARCH 31, 2001


Note 7          Income Taxes

                  Effective January 1, 1997, the Company adopted Statement of
                  Financial Accounting Standards No. 109, Accounting for  Income
                  Taxes.

                  The differences between the statutory Federal Income Tax and
                  Income Taxes Continuing Operation is accounted for as follows:
<TABLE>
<CAPTION>
                                                                                                   2001

                                                                                                            Percent of
                                                                                                              Pretax
                                                                                            Amount            Income

<S>                                                                                          <C>                  <C>
             Statutory Federal Income Tax                                                   $53,100               34.0 %
             Utilization of Net operating Loss Carryforward                                 (53,100)             (34.0)%
             State Income Tax                                                                16,100                5.9 %
             State Net Operating Loss Carryforward                                          (16,100)              (5.9)%
                                                                                            --------             -------

             Income Taxes                                                                   $  0                     0 %
                                                                                            ========             =======

                                                                                                     2000

                                                                                                            Percent of
                                                                                                              Pretax
                                                                                            Amount            Income

             Statutory Federal Income Tax                                                   $346,650               34.0%
             Utilization of Net Operating Loss Carryforward                                 (132,850)
             Increase resulting from State Income Tax, net of     Federal
             Tax Benefit                                                                      91,800                5.9%
                                                                                            --------             -------

             Income Taxes                                                                   $305,600               39.9%
                                                                                            ========             =======

             Income Taxes consist of:
              Current                                                                       $303,600
              Deferred                                                                         2,000
                                                                                            --------
                 Total                                                                      $305,600
                                                                                            ========
</TABLE>
                                       16
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT (Cont'd)

                      DECEMBER 31, 2000 AND MARCH 31, 2001



Note 7          Income Taxes (cont'd)

                 The types of temporary differences between the tax bases of
                 assets and liabilities and their financial reporting amounts
                 that give rise to a significant portion of the deferred tax
                 liability and deferred tax asset and their approximate tax
                 effects are as follows at:
<TABLE>
<CAPTION>

                                                                                                        2001

                                                                                           Temporary                Tax
                                                                                           Difference             Effect

<S>                                                                                           <C>                <C>
              Depreciation                                                                    $ 189,389          $ 59,001
              Allowance for Doubtful Accounts                                                   147,557            41,285
              Gain on Sale of Subsidiary                                                         18,766             4,035

                                                                                                        2000

                                                                                           Temporary                Tax
                                                                                           Difference             Effect

              Depreciation                                                                    $(184,389)         $(58,201)
              Allowance for Doubtful Accounts                                                   157,974            44,235
              Gain on Sale of Subsidiary                                                         18,766             4,035
</TABLE>
Note 8           Note Receivable - Subsidiary

                 The Company has a Note Receivable from PriceEnergy.Com, Inc.
                 for advances made in the development of the Website, including
                 hardware and software costs. All of PriceEnergy.Com, Inc.'s
                 assets are pledged as collateral to Able Energy, Inc. The
                 amount of the note is $1,350,000 dated November 1, 2000 with
                 interest at 8% per annum payable quarterly. Principal payments
                 to begin two years after the date of the Note, November 1,
                 2002. Interest, in the amount of $27,000 has been accrued at
                 March 31, 2001. The Note and interest have been eliminated in
                 the consolidated financial statements (See Notes 1, 2 and 12).

Note 9         Commitments and Contingencies

                 The Company is subject to laws and regulations relating to the
                 protection of the environment. While it is not possible to
                 quantify with certainty the potential impact of actions
                 regarding environmental matters, in the opinion of management,
                 compliance with the present environmental protection laws will
                 not have a material adverse effect on the financial condition,
                 competitive position, or capital expenditures of the Company.

                                       17
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT (Cont'd)

                      DECEMBER 31, 2000 AND MARCH 31, 2001


Note 9         Commitments and Contingencies (cont'd)


                  In accordance with the agreement on the purchase of the
                  property on Route 46, Rockaway, New Jersey by Able Energy
                  Terminal, LLC, the purchaser shall commence after closing, the
                  investigation and remediation of the property and any
                  hazardous substances emanating from the property in order to
                  obtain a No Further Action letter from the New Jersey
                  Department of Environmental Protection (NJDEP). The purchaser
                  will also pursue recovery of all costs and damages related
                  thereto in the lawsuit by the seller against a former tenant
                  on the purchased property. Purchaser will assume all
                  responsibility and direction for the lawsuit, subject to the
                  sharing of any recoveries from the lawsuit with the seller,
                  50-50. The seller by reduction of its mortgage will pay costs
                  related to the above up to $250,000 (see Note 6). In the
                  opinion of management, the Company will not sustain costs in
                  this matter which will have a material adverse effect on its
                  financial condition.

                  Able Energy Terminal LLC, (Able) a subsidiary, the seller of
                  the property and the former tenants, have a draft agreement
                  which has not been signed as of this report. In the agreement,
                  the defendants (former tenants) agree to pay a certain sum to
                  Able, the settlement amount, and Able will undertake all
                  action necessary to investigate and remediate the
                  contamination of the soil and groundwater at the property.
                  Able shall enter into a memorandum of agreement with NJDEP and
                  shall request from NJDEP a No Further Action letter.

                  Price Energy.Com, Inc., a subsidiary, has commenced suit
                  against ThinkSpark Corporation on Consulting Services
                  Agreement, dated June 2, 2000. ThinkSpark was to provide
                  services of professional quality performed by knowledgeable
                  staff familiar with the operation of the software and its
                  application and conforming to generally accepted data
                  processing practices. ThinkSpark agreed that it could develop,
                  deliver and install the system to be operational by mid-August
                  2000. ThinkSpark ceased work in mid-October 2000 and the
                  project was not completed. Price Energy hired another firm
                  which is completing the project. ThinkSpark admits the
                  original estimate for the project was $266,000. Price Energy
                  paid ThinkSpark $82,539 and is paying the new firm $75,600
                  which will complete the work by June 30, 2001.

                  ThinkSpark has filed a counterclaim seeking payment of
                  $283,100.62, which is the total amount of bills rendered.
                  There is a liability of $107,861 in accounts payable on the
                  financial statement. This amount represents the original
                  estimate of $266,000, less payments, to ThinkSpark and the new
                  firm hired to complete the project. The Company is unable to
                  predict the outcome of the case, but management feels the
                  settlement should not be more than the booked liability.

                  The Company in the normal course of business has been involved
                  in several suits. Two suits have been settled out of court at
                  agreeable terms, according to management. No suits are
                  currently in litigation, except as noted above.

                                       18
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

          NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENT (Cont'd)

                      DECEMBER 31, 2000 AND MARCH 31, 2001


Note 9         Commitments and Contingencies (cont'd)

                  Able Oil Company has been examined by the Internal Revenue
                  Service through the year ended December 31, 1995. The only
                  open year for Able Oil Company is December 31, 1996 and Able
                  Energy, Inc., et al, open years are December 31, 1997, through
                  December 31, 2000. The Company has a net operating loss
                  carryforward of approximately $640,000 at December 31, 2000.

Note 10         Operating Lease

                  Able Energy Terminal, LLC, has acquired the following lease on
                  the property it purchased on Route 46 in Rockaway, New Jersey.

                  The lease with Able Oil Company, a wholly owned subsidiary of
                  Able Energy, Inc., has an expiration date of July 31, 2004.
                  The lease provides for a monthly payment of $1,200 plus a one
                  cent per gallon through put, as per a monthly rack meter
                  reading.

                  Estimated future rents are $14,400 per year, plus the one cent
                  per gallon through put charges per the monthly rack meter
                  readings.

                  The Company leased 9,800 square feet in the Rockaway Business
                  Centre on Green Pond Road in Rockaway, New Jersey. The
                  facility is being used as a call center and has combined the
                  administrative operations in New Jersey in one facility. The
                  lease has a term of five (5) years from August 1, 2000 through
                  July 31, 2005. The rent for the first year is $7,145,83 per
                  month and the second through fifth year is $7,431.67 per
                  month, plus 20.5% of the building's annual operational costs
                  and it's portion of utilities. The monthly rent, including
                  Common Area Charges, as of October 2000 is $9,084 per month.
                  The lease does not contain any option for renewal. The rent
                  expense was $26,002 for the three months ended March 31, 2001.
                  The estimated future rents are as follows:

                                    Year Ended December 31,
                                            2001                        $ 84,000
                                            2002                         113,000
                                            2003-2005                    290,000
                                                                         -------
                                                     Total              $487,000
                                                                        ========

                  The following summarizes the month to month operating leases
                  for the other subsidiaries and other expense for the three
                  months ended March 31, 2001:
<TABLE>
<CAPTION>

<S>                                                           <C>
                           Able Oil Melbourne                 $500.00, per month
                                                              Total rent expense, $1,500
                           Able Energy New York               $500.00, per month
                                                              Total rent expense, $1,500
</TABLE>

                                       19
<PAGE>
                      ABLE ENERGY, INC. AND SUBSIDIARIES

               NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

                      DECEMBER 31, 2000 AND MARCH 31, 2001



Note 11          Franchising

                  The Company has begun operations to sell franchises permitting
                  the operation of a franchised business specializing in
                  residential and commercial sales of fuel oil, diesel fuel,
                  gasoline, propane and related services. The Company will
                  provide training, advertising and use of Able credit for the
                  purchase of product, among other things, as specified in the
                  Agreement. The franchisee has an option to sell the business
                  back to the Company after two (2) years of operations for a
                  price calculated per the Agreement. The Company signed its
                  first franchise agreement in September 2000. The franchisee
                  has paid the company the following:

                  4        A non-refundable franchise fee of $25,000 has been
                           recorded as Other Income in the year ended December
                           31, 2000.

                  5.       An advertising deposit of $15,000 and a $5,000 escrow
                           deposit. The $5,000 is shown as an Escrow Deposit
                           liability. The $15,000 has been charged against
                           advertising in the year ended December 31, 2000.

Note 12         Related Party Transactions

                  $44,690 is due from the major Shareholder/Officer of the
                  Company. This amount is evidenced by a Note bearing interest
                  at a rate of 8 1/2% between the Shareholder and the Company.

                  The following officers of this Company own stock in the
                  subsidiary, PriceEnergy.Com, Inc., which they incorporated in
                  November 1999.

                           Chief Executive Officer                 23.5%
                           President                                3.6%

                  No capital contributions have been made by these officers (See
                  Notes 1, 2, and 8).

Note 13         Earnings Per Share

                  The shares used in the computation of the Company's basic
                  Earnings Per Common Share are as follows:
<TABLE>
<CAPTION>

                                                                          2001             2000
                                                                          ----             ----
<S>                                                                    <C>               <C>
                  Weighted Average of Common Shares Outstanding        2,000,000         1,778,082
                  Dilutive Effect of:
                      Employee Stock Options                              15,130                -
                                                                      ----------         ---------

                  Weighted Average Common Shares Outstanding,
                        Assuming Dilution                              2,015,130         1,778,082
                                                                      ==========         =========
</TABLE>
                                       20
<PAGE>
                       ABLE ENERGY, INC. AND SUBSIDIARIES

               NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

                      DECEMBER 31, 2000 AND MARCH 31, 2001


Note 13         Earnings Per Share (cont'd)


                  Options to purchase 66,000 shares of common stock at $5.00 per
                  share were outstanding during the first quarter of 2001, but
                  were not included in the computation of diluted EPS because
                  the options' exercise price was greater than the average
                  market price of the common shares.

Note 14          Stock Option Plans

                  The Company has stock option plans under which stock options
                  may be issued to officers, key employees, and non-employee
                  directors to purchase shares of the Company's authorized but
                  unissued common stock. The Company also has a stock option
                  plan under which stock options may be granted to employees and
                  officers.

                  Options granted currently expire no later than 5 years from
                  the grant and have vesting periods from none to 25% at grant
                  and 25% each anniversary.
<TABLE>
<CAPTION>

                                                                                Outstanding Options


                                                                   Number of                   Exercise
                                                                     Shares                      Price               Term

<S>                                                                    <C>                         <C>              <C>
                   January 6, 2000
                      Grants                                           66,000                      $5.00            5 years
                      Exercises                                             0

                   December 1, 2000
                      Grants                                           45,391                      $2.25            5 years
                      Exercises                                             0
</TABLE>

                                       21
<PAGE>
ITEM 2            Management's Discussion and Analysis of Financial Condition
                  and Results of Operations

Statements in this Quarterly Report on Form 10-QSB concerning the Company's
outlook or future economic performance, anticipated profitability, gross
billings, expenses or other financial items, and statements concerning
assumption made or exceptions to any future events, conditions, performance or
other matter are "forward looking statements," as that term is defined under the
Federal Securities Laws. Forward-looking statements are subject to risks,
uncertainties, and other factors which would cause actual results to differ
materially from those stated in such statements. Such risks, and uncertainties
and factors include, but are not limited to: (i) changes in external competitive
market factors or trends in the Company's results of operation; (ii)
unanticipated working capital or other cash requirements and (iii) changes in
the Company's business strategy or an inability to execute its competitive
factors that may prevent the Company from competing successfully in the
marketplace.

Revenue Recognition

Sales of fuel and heating equipment are recognized at the time of delivery to
the customer, and sales of equipment are recognized at the time of installation.
Revenue from repairs and maintenance service is recognized upon completion of
the service. Payments received from customers for heating equipment service
contracts are deferred and amortized into income over the term of the respective
service contracts, on a straight line basis, which generally do not exceed one
year.

Results of Operations

Three months ended March 31, 2001, compared to the three months ended March 31,
2000.

The Company reported revenues of $12,638,261 for the three months ended March
31, 2001, an increase of 13.70% over the prior year's revenues of $11,115,203
for the same three month period. This increase can be attributed to increased
sales as a result of a larger customer base, cold weather in the company service
area, and an increase in the price of products sold by the Company above the
price of the prior year. Increased revenues can also be attributed to increased
marketing efforts.

Gross profit margin, as a percentage of revenues, for the three months ended
March 31, 2001, decreased to 17.13% of net revenues, representing a decrease of
1.56% over a margin of 18.69% for the same quarter one year ago. The reduction
in margin is primarily a result of fluctuating retail prices for home heating
oil caused by unstable product cost.

Selling, General and Administrative expenses increased by $810,317 or 91.64%
from $884,235 for the three months ended March 31, 2000 to $1,694,552 for the
three months ended March 31, 2001. This increase was attributable to the
operations of a new subsidiary, PriceEnergy.Com, Inc., which began operations in
October 2000 and has costs of $158,922 in the current quarter and an increase in
labor and benefits, advertising and professional fees.


<PAGE>
Operating Income for the three months ended March 31, 2001 was $182,122, a
decrease of 82.21% from the Company's operating income of $1,023,965 for the
three months ended March 31, 2000. This decrease in operating income was
attributable to increased costs of a new subsidiary, PriceEnergy.Com, Inc.,
increase in labor and benefits, and decrease in gross profit percentage due to
unstable market price for products which the Company sells.

The Company had a net profit of $465,661 for the three months ended March 31,
2001, without the new start-up venture, PriceEnergy.Com, Inc., which had no
operations in the three months ended March 31, 2000. The Company's consolidated
net income for the three months ended March 31, 2001 decreased to $176,687 which
was $534,534 less than the net income of $711,221 for the previous year. The
decrease was the result of the loss on the new subsidiary, additional marketing,
and increased operating expenses with concentration on growth.

Depreciation and amortization expense for the three months ended March 31, 2001
was $288,585, an increase from $169,689 for the three months ended March 31,
2000. Amortization relates to the amortization of customer lists, being
amortized over 15 years and two Non-Compete Agreements amortized over 5 years ,
per the agreements, and amortization of Website costs of $103,007 which was not
in operation in the three months ended March 31, 2000. The increased
depreciation relates to the purchase of additional trucks and other equipment in
2000.

Interest expense for the three months ended March 31, 2001 was $70,046 as
compared to $50,219 for the three months ended March 31, 2000. This increase was
due to debt incurred in financing new equipment purchases and a portion of the
Website costs.

Liquidity and Capital Resources

For the three months ended March 31, 2001, compared to the three months ended
March 31, 2000, the Company's cash position decreased by $1,922,025 from
$2,452,190 to $530,165. For the year ended December 31, 2000, cash was generated
through operations, collections of customer advance payments and increase in the
Line of Credit borrowing. The primary reason for reduction in cash was a loan
and investment in Price Energy.Com, Inc. There was an additional advance of
approximately $191,000 in the three months ended March 31, 2001.

The Company has the following Agreement with its primary financial institution.
The Company's credit line was increased by $250,000 to $750,000 at 1/2% below
the prime lending rate. The outstanding balance is $710,785 at March 31, 2001.
The Company has a three year term loan of $675,000 with a balance of $56,250 at
March 31, 2001. The Agreement with the bank has a current expiration date of
June 30, 2001.

The Company is currently pursuing additional bank borrowings, debt placements
and equity offerings. This will enable the Company to continue to grow while
strengthening its infrastructures. The Company has entered into an agreement
with PricewaterhouseCoopers Securities, LLC to assist the Company in raising
debt or equity funds up to $15 million.



<PAGE>
Seasonality

The Company's operations are subject to seasonal fluctuations, with a majority
of the Company's business occurring in the late fall and winter months.
Approximately 70% of the Company's revenues are earned and received from October
through March, and the overwhelming majority of such revenues are derived from
the sale of home heating products including propane gas and fuel oil. However,
the seasonality of the Company's business is offset, in part, by an increase in
revenues from the sale of HVAC products and services, diesel and gasoline fuels
during the spring and summer months, due to the increased use of automobiles and
construction apparatus.

From May through September, Able Oil can experience considerable reduction of
retail heating oil sales. Similarly, Able Propane can experience up to 80%
decrease in heating related propane sales during the months of April to
September, which is offset somewhat by increased sales of propane gas used for
pool heating and fuel for outdoor cooking equipment.

Over 90% of Able Melbourne's revenues are derived from the sale of diesel fuel
for construction vehicles, and commercial and recreational sea-going vessels
during Florida's fishing season which begins in April and ends in November. Only
a small percentage of Able Melbourne's revenues are derived from the sale of
home heating fuel. Most of these sales occur from December through March,
Florida's cooler months.


<PAGE>
                                     PART II
                                OTHER INFORMATION


Item 1.  Legal Proceedings

         In accordance with the purchase of the property on Route 46, Rockaway,
New Jersey by Able Energy Terminal, LLC, the Company intends to pursue recovery
of all costs and damages related to a lawsuit by the seller against a former
tenant of the property, based on environmental cleanup costs on the property.
Purchaser will assume all responsibility and direction for the lawsuit, subject
to the sharing of half of any recoveries from the lawsuit with the seller. The
seller by reduction of its mortgage will pay costs related to the above up to
$250,000. The Company believes that the claims against the former tenant are
meritorious and intends to vigorously pursue its claims.

         Price Energy has commenced suit against ThinkSpark Corporation based on
claims of breach of a Consulting Services Agreement, dated June 2, 2000. Under
the agreement, ThinkSpark was to develop, deliver and install a data processing
software system to be operational by mid-August 2000. ThinkSpark ceased work in
mid-October 2000, prior to completion of the project, and Price Energy hired
another firm to continue the project. ThinkSpark has filed a counterclaim
seeking payment of $283,100.62, which is the total amount of bills rendered. The
Company believes that its claims against ThinkSpark are meritorious and intends
to vigorously pursue its them.

         Except as noted above, the Company is not currently involved in any
legal proceeding that could have a material adverse effect on the results of
operations or the financial condition of the Company. From time to time, the
Company may become a party to litigation incidental to its business. There can
be no assurance that any future legal proceedings will not have a material
adverse affect on the Company.


Item 2.  Changes in Securities and Use of Proceeds

         None.


Item 3.  Defaults Upon Senior Securities

         None.


Item 4.  Submission of Matters to a Vote of Security Holders

         None.


Item 5.  Other Information

         None.


Item 6.  Exhibits and Reports on Form 8-K

         (a)  Exhibits

         None.

         (b)  Reports on Form 8-K

         The Company did not file any reports on Form 8-K during the three month
period ended March 31, 2001.




<PAGE>
                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                                         ABLE ENERGY, INC.

Date:    May 15, 2001                          By:    /s/Timothy Harrington
                                                         Timothy Harrington
                                                         Chief Executive Officer